All Forum Posts by: Richard Stephens

Thanks so much for yalls quick and informative responses. I was wondering if this would get any replies and i got just the answers needed.Richard.S

Hi BP Community,my dad with his own 2 hands has built a house on 1 acre of land that he lives in. But he has done a reverse mortgage loan, and since he  built the house he would like me his only son to purchase it. I would like to purchase it and  put a fence for privacy and put a duplex on it for a rental. The part of the land that I want to separate has its own septic can I do this, their are no restrictions that I’m aware of and not sure since it will be bank fiananced if I could do this. Thanks for anyone’s input.

Hey Wayne, yes I believe your right. I guess that's a win win for me till comes time to sell.

Hi Mr. Rohde, Thanks for your input.I am out of city limits and title includes all land and they didn't include the back house of value since its an old single wide mobile in disrepair and not all familiar with this situation,what would be best/worst case because were looking to rent the front property and then replace the back home for us to live in temporarily and then rent it also. Don't plan on selling anytime soon,i guess if I did it would need to be replatted to be sold separately? Thank You and the B P's crowd

HI Everyone,heres my question.I purchased/fiananced a property that has 2 mobile homes on 1/2 acre and theyeach have their own address but on our note its fiananced as 1 piece of property and the property taxes have them seperate and individual taxes on each. they also share the water well with 2 seperate septics Im looking to refi and one lender said would refi and seperate the 2 properties.Not sure if should do that or keep as 1 parcel/property.Thanks for any input/advice.

Hey Steve,Thanks for input.The rents are combined $1650 month,Ins. $130 and Taxes $185.A $200k loan runs around $1k.So pymnt and expenses run around $1,315.Tenants pay all utilities.Having difficult time finding comps since I guess cause this is the only duplex in the area.Any input would be greatly appreciated.

I have found a duplex asking $198k but appraisal district has it at $102k, is that severely over priced?

Wow, little taken back by all the replies.I will say it up front,Thanks so much BPs awesome community! I will factor in everyone's responses and go from there. If able to make it happen I will post it as continuation of discussion question. Thanks

I prefer not to partner,not really enough profit to split.I do have about 20k,and credit score around 800,and ive managed our 1- sf rental about 15 yrs and I have bldg. maintenance/ construction background. Thanks for your time and advice Stephen and Darryl.

Thanks so much for yalls input, I drove by and looked at the property from the outside and by the pro forma pics it needs a lot of work, I think its over priced for sure! He pays water, trash and outside lighting{lights look original from 1970!} They are separate electric metered.OH, has flat roof that looks like patched from aerial view,which was part of expenses for the negative numbers in 2015. He has a broker advertising it to be something its not, like you said its like he's priced it as rehabbed and stable. I seen couple of the tenants and they weren't my type of tenant and I live 5 miles from the property. Its not a bad area, I would live there, it just needs cleaned up. I would love to get it and like Zach said do some improvements I think I could get the rents up to $650-700.The Pro Forma shows -$2,605.00 in 2015 because of repairs as I mentioned roof,ac,painting,i don't see where all the money went either! Im gonna contact a broker as mentioned and see what we could do. I don't have much experience on purchasing, but tons of experience in repairs. I have 1 rental a SF home been renting out for 15 yrs. and I'm trying to move up into multifamily, this would really kick start me if I could make this happen. I have spoke with several banks and none of them offer fianancing,Ugh. Thanks again Zach and Michael